TSX Slides As Oil Enters Correction Mode -- Canadian Commentary

(RTTNews) - Canadian stocks fell along with crude oil prices Tuesday, extending recent losses after a one-day reprieve.

The TSX Composite Index was down 109 points at 15,160, the lowest in six months.

August WTI oil was down 92 cents, or 2.1%, to settle at $43.51/bbl.

July WTI oil ended at $43.23/bbl, down 97 cents, or 2.2%, on expiration day. The contract was down 20% in the past few weeks.

The American Petroleum Institute is out with industry figures tonight, while the Energy Information Administration releases its report tomorrow.

On the global front, the time is not right to begin raising interest rates, Bank of England Governor Mark Carney said on Tuesday, citing weak wage growth.

"Given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment," Carney said in his delayed speech at the Mansion House.

Canadian Imperial Bank of Commerce (CM.TO) announced changes to its management team. David Williamson is leaving as retail head. Shares slipped 0.6 percent.

Meanwhile, Canadian wholesale sales increased 1.0% to $61.0 billion in April, a seventh consecutive monthly advance. Gains were led by the machinery, equipment and supplies subsector.

Bombardier Transportation (BBD.B.TO) said that it has signed a contract with FirstGroup and MTR to supply and maintain 750 BOMBARDIER AVENTRA vehicles, for operation on the South Western franchise in the United Kingdom. The contract is valued at approximately US$1.1 billion.

Home Capital Group (HCG.TO) is selling a $1.2-billion commercial mortgage portfolio to KingSett Capital.

Cenovus Energy Inc. (CVE.TO, CVE) President & Chief Executive Officer Brian Ferguson will be retiring as an officer and director of the company on October 31.